The Congress, however, cautioned to link the flow of funds with the performance of various state government departments.
The PPCC team comprising former Punjab finance minister Surinder Singla and party spokesman Rajanbir Singh apprised the members of the Finance Commission about the economic disaster caused by the ruling SAD-BJP government.
They demanded white paper on deferred expenditure, diversion of funds, off-budget loans and contingent liabilities.
The spokesman said PPCC president Partap Singh Bajwa would meet the chairman of Finance Commission at Delhi soon to discuss the fiscal mess of Punjab.
The PPCC team said Punjab's fiscal indicators were the worst in the country. Whether it is revenue deficit, fiscal deficit or public debt, it has crossed all limits of sustainability.
The PPCC added that the 13th Finance Commission had assessed Punjab along with Kerala and West Bengal as the most financially stressed states in the country and had recommended a special package for restructuring their finances to bring them back to financial health.
The Punjab Congress has also demanded special economic package for border districts in the background of special package given to neighbouring hilly states.